Musk is in a fraud trial over his 2018 tweet that he had funding to take Tesla private. Read more at straitstimes.com.
SAN FRANCISCO - Mr Elon Musk, Tesla Inc’s chief executive, testified on Friday that investors do not always react to his Twitter messages as he expects, defending himself inMr Musk’s testimony began with questions about his use of Twitter, the social media platform he bought in October. He called it the most democratic way to communicate but said his tweets did not always affect Tesla stock the way he expected.
He is expected to address why he has insisted he had Saudi investor backing to take Tesla private, which never occurred, and whether he knowingly made a materially misleading statement with his tweet. “A bunch of sharks on Wall Street wanted Tesla to die, very badly,” he said, describing short-sellers, who profit when a stock falls in price.More On This TopicShares of Tesla ended about 5 per cent higher at US$133.42.
Mr Musk’s attorney, Mr Alex Spiro, told the jury in his opening statement Wednesday that Mr Musk believed he had financing from Saudi backers and was taking steps to make the deal happen.
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